An active and successful year
2024 has been a very active and successful year for Pandox. Supported by a growing hotel market, we’ve maintained a high pace in terms of both acquisitions and value-creating investments in our existing portfolio.
2024 in brief
Profitable growth
A strong financial performance
Our revenues increased by 4 percent, while net operating income and cash earnings increased by 7 percent and 12 percent respectively. In addition, EPRA NRV increased by 7 percent. For 2024, the Board proposes a dividend of SEK 4.25 (4.00) per share.
Value creation in the existing portfolio
In 2024 we successfully repositioned several hotels that have now reopened under new brands, including Citybox Brussels and Scandic Go Sankt Eriksgatan 20. Both hotel concepts have had a very positive response in the market.
Several acquisitions
Activity in the transaction market increased in 2024 and Pandox was more active than in the past. In total we acquired five hotel properties for a combined sum of around MSEK 4,500 in the UK and Norway.
Good growth and solid financial position
Property market value per country, MSEK
See here for more key ratios
Steps within sustainability
Science-based targets
The initial phase of our action plan focused on feasibility studies, paving the way for procurement in key areas (Scope 1 & 2). For leases (Scope 3), we have mapped energy use in the UK, begun the process in Germany, and initiated discussions with operators on renovations and energy-saving projects.
Sustainability-linked loans
The sustainability-linked portion of the loan portfolio rose from 6 percent to 45 percent during the year.
Reporting in line with ESRS
Pandox reports in line with the European Sustainability Reporting Standards (ESRS). This reporting is part of the Corporate Sustainability Reporting Directive (CSRD) that becomes mandatory for the reporting year 2025.
Several profitable acquisitions
Three Residence Inn by Marriott in London
Three well-positioned and profitable aparthotels in central London. A total of 503 rooms with an average of 28 sq m, all with a kitchen or kitchenette. The hotel properties are of a high standard both technically and in terms of sustainability, and help to increase the quality of our hotel property portfolio. The total acquisition cost was MGBP 230 with an initial dividend yield of just over 7 percent.
DoubleTree by Hilton Edinburgh City Centre
DoubleTree by Hilton Edinburgh City Centre enjoys a strong position among its competitors, with high occupancy and good average room rates. There are also ample opportunities for developing the hotel product in various ways and increasing returns over time. The total acquisition cost was around MGBP 49 with an initial dividend yield of 7.5 percent.
Radisson Blu Hotel Tromsø
The hotel has a very strong location in central Tromsø and attracts all guest segments. The
hotel is currently performing very well and we completed the acquisition at a high yield. At the same time, we see great potential to create one of northern Scandinavia’s premier full-service hotels for leisure, business and conference travellers through targeted investments. The total acquisition cost was around MNOK 750 and Pandox took over the hotel on 1 January 2025.
